Jio Deals, Rights Issue Have Made RIL Net Debt-Free Well Ahead of Target, Announces Chairman Mukesh Ambani2Photo© news18.com

Jio Deals, Rights Issue Have Made RIL Net Debt-Free Well Ahead of Target, Announces Chairman Mukesh Ambani

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Billionaire Mukesh Ambani said today that his Reliance Industries is now net debt-free, much ahead of its original goal of achieving the status by the end of March 2021. Over the past few weeks, oil-to-telecom conglomerate's Reliance Industries' rights issue of more than Rs 53,000 crore and investments of Rs 1.16 lakh crore in its digital services arm, Jio Platforms, from global companies including internet giant Facebook helped the group become net debt-free much before schedule.

With these investments, Reliance Industries said it has become net debt-free. The group's net-debt had stood at Rs 1,61,035 crore as of March 31, 2020.

“I have fulfilled my promise to the shareholders by making Reliance net debt-free much before our original schedule of 31st March 2021,” Mukesh Ambani said in a statement released early on Friday.